Egyptian President Abdel Fattah Al-Sisi has extended the term of acting central bank Governor Hasan Abdalla for a third year, the official gazette said today, Reuters reports.
Abdalla, who was head of Cairo-based Arab African International Bank for 16 years, was appointed for an initial year in August 2022 after the surprise resignation of long-serving Tarek Amer. Abdalla’s appointment was renewed in 2023.
Amer sparked controversy several times during his presidency by devaluing the Egyptian pound against the US dollar, causing the pound to reach unprecedented lows. This resulted in major inflation hikes, with inflation reaching 14.6 per cent in July. Analysts believe that Amer’s decisions could result in severe economic hardships for the country’s low-income households in addition to the shrinking of the middle class.
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